Cable accessories are designed to operate alongside cables and form an integral part of the power cable systems. These accessories are extensively used in establishing the electricity transmission and distribution network infrastructure. Nowadays, numerous cable accessories such as connector systems, cable joints, termination, etc. are present in the market in different shapes, sizes, features and type. According to IMARC Group’s latest report, titled “Cable Accessories Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the global cable accessories market reached a value of more than US$ 46 Billion in 2018.
A significant shift towards sources of renewable energy, such as solar, wind or tidal, has created a demand for weather resistant and durable cable and relative cable accessories. Installation of high-voltage direct current (HVDC) cable joints and terminations, coupled with the aim of upgrading the existing infrastructure encouraged by government aids, has bolstered the market growth for cable accessorises. Despite the presence of these driving forces, the market is restrained by limited funds, steeply priced raw materials and delayed implementation due to poor planning. However, the market is projected to reach a value of US$ 64 Billion by 2024, exhibiting a CAGR of almost 5.5% during 2019-2024.
The report has segmented the market on the basis of voltage level, including low voltage cable accessories, medium voltage cable accessories and high voltage cable accessories. Amongst these, low voltage cable accessories are the most popular product type. On a regional-basis, the report covers Asia Pacific, Europe, North America, Latin America, and Middle East and Africa. Currently, Asia Pacific represents the largest region, accounting for the majority of the market share. The report has also analysed the competitive landscape of the market with some of the key global players being Nexans, Prysmian Spa, ABB Group, NKT Group and Taihan Electric Wire Company Ltd.
This report provides a deep insight into the global cable accessories market covering all its essential aspects. This ranges from macro overview of the market to micro details of the industry performance, recent trends, key market drivers and challenges, SWOT analysis, Porter’s five forces analysis, value chain analysis, etc. This report is a must-read for entrepreneurs, investors, researchers, consultants, business strategists, and all those who have any kind of stake or are planning to foray into the cable accessories industry in any manner.
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